EU set to engage in huge trade war

[funkyflathead]

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news.independent.co.uk/world/politics/story.jsp?story=462607

US goods set to double in price as Europe plans huge trade war

By Stephen Castle in Brussels

11 November 2003

American jeans, Florida orange juice and dozens of other US products could double in price from next month because of a growing transatlantic trade war.

The World Trade Organisation gave the European Union permission yesterday to impose huge import tariffs, which will allow price increases of between 8 and 100 per cent on a range of goods.

The row, which began when America imposed special duties of up to 30 per cent on European steel last year, reached a climax yesterday when the trade watchdog gave a final decision in favour of the EU. It said the US action was "inconsistent" with free trade commitments. Europe can now impose duties on products ranging from T-shirts and lavatory paper, to bras, pantyhose, suspenders, ballpoint pens, ski suits and bowling alley equipment. Harley Davidson motorcycles were included in an early draft of the sanctions list, but were not included yesterday.

The EU says its sanctions, amounting to ¤2.2bn (£1.5bn) a year, will come into force on 15 December unless Washington drops its steel duties. The sanctions would be the biggest in the history of the WTO.

EDITED BY ADMIN: COPYRIGHT

[MSchreader]

1. Mark the time and day

December 15 will be the day that the Third World War begins.

Martin

[Don_G]

2. Not Only The EU

But you can add China, Japan, South Korea, Norway and Switzerland to the growing list. Brazil and a few others are pissed off about other things but expect to address them at the trade conference in Miami next week.

Gee, ain't Dimbo popular these days.

[girl gone mad]

3. These are the people in charge of the global markets?

They all act like children. Scary.